We've seen all kinds of applications for blockchain technology, from data storage to peer-to-peer money exchange. But one company is forging ahead and applying the decentralized blockchain approach to another area of networking: e-commerce. Syscoin aims to create a marketplace that's decentralized, with features designed to keep users' information protected, encourage the use of cryptocurrency, and prevent anyone from getting taken advantage of.

What Syscoin Is

Syscoin is many things. Not only is it a blockchain ledger and a network, but a currency and a token that can be traded online. It's been around in some form since 2019, and was grown out of the Bitcoin chain. The purpose of Syscoin is to facilitate online commerce with low or no fees (like you get with big marketplaces like Ebay or Amazon).

The marketplace lets you use the native SYS coin, for which you're rewarded with lower fees. You can also choose to use Bitcoin or other Bitcoin-type coins and tokens, like Zcash.

Syscoin's Blockmarket allows you not only to buy and sell things, but also resell other people's things and get a commission out of it.

Right now, the Blockmarket works only via the Blockmarket Wallet, but they're releasing the web version of the market soon, which allows you to access it simply via your browser.

The Features of Syscoin

Syscoin offers users a lot of features. In addition to some that we've already mentioned, such as low to no fees and the ability to buy and sell nearly anything, it offers encrypted messages and escrow services (so that no money changes hands until all conditions are satisfied to both parties' satisfaction).

You can also offer gift cards (as digital certificates), and the services allows the trading and exchanging of over 30 different cryptocurrencies.

Syscoin also guarantees that listings will be kept up at all times during the period of their listing, as opposed to other crypto marketplaces which require users to have their computers running in order for the listing to still be “up.”

How Syscoin Works

Syscoin is based on smart contracts that use Bitcoin's scripting system. The currency itself is permissionless. According to the whitepaper, Syscoin's smart contracts can be configured and customized into commerce-friendly applications. The currency is something called “merge mineable,” meaning it can be mined alongside Bitcoin because of the mining algorithm that's used.

Miners are given incentives not only through block rewards, but also in the form of reduced transaction fees, which will certainly go far with anyone who intends to use the service regularly.

The Team Behind Syscoin

Syscoin's team, Blockchain Foundry Inc., has lots of experience in blockchain development, which will go far in proving their worth to the community. The team is led by Sebastian Schepis, a developer who's worked as a consultant for corporate system development, and as senior director and manager at Figur8 Cloud solutions. Syscoin has been rated highly, getting 4/5 stars from developer rating site Proof of Developer in 2019.

The Supply of SYS

Syscoin at the moment has a cap on the maximum amount of SYS available, setting the limit at 888 million. Only around 531 million SYS are currently in circulation.

One thing that separates Syscoin from others is that it's not very easily mineable. This might not be a problem for those who have tricked-out ASIC setups, but it will pose a difficulty for people who are used to getting involved via CPU mining. Syscoin recommends people not try to mine this way, but have provided instructions in their FAQ on their website for those who want to try anyway.

The Trading History of Syscoin

Syscoin's price has had a long but steady climb. About a year ago (February of 2019) the coin was going for around 1 cent. Later that yea, in June, it climbed to around $0.25, before slumping again. December 2019 saw its price steadily shoot up, reaching an all-time high of $0.972 before falling again, evening out through February 2019 until it started to hover somewhere between $0.50 and $0.65.

Buying SYS

You're in luck when it comes to buying SYS. It's available on several high-profile exchanges, most notably Bittrex and Poloniex. You can't buy it for fiat at these places, however. You'll need to exchange them for Bitcoin or Ethereum (at another exchange that supports direct fiat trading) and then purchase your Syscoins.

While this may seem like an annoying hurdle to some, it won't be a problem for those who already have holdings in Bitcoin or ETH.

Storing SYS

Unlike Ethereum-based coins and tokens that can be stored on widely-available ERC-20 wallets, SYS can only be stored on two main wallets: the official Syscoin wallet (downloadable from their main website) or Coinomi, a multi-currency wallet that handles a huge number of course (although only available on Android at the moment).

You can also leave your SYS coins in the wallet of whatever exchange you buy from, but that's not recommended.

Syscoin vs BitBay

These are similar platforms. Both are decentralized marketplaces that allow users to buy and sell almost anything from computers and tvs to rugs, in addition to trading in cryptocurrency. Both have their own native coin, and both have security protocols allowing people to be as private as they want. Bitbay seems to be a little further ahead in its development, and has received coverage from Vice and Medium. They also have their own clients already available, while Syscoin's marketplace is currently only accessible from its wallet. Syscoin seems to promise higher transaction numbers, while BitBay has more options for token holders and users.

Syscoin vs Ripple

These are both “marketplaces” in a sense, but they're quite different. Syscoin is a marketplace for anything to be bought or sold, much like Amazon. Ripple is more of an exchange and payment system, where you can trade cryptocurrency (for low fees) or send money in any currency, using their native token as a liquid asset. Syscoin offers mining rewards, while Ripple can't be mined, but is rather awarded to people as incentive for using the system. Syscoin is decentralized and more user-focused, while Ripple is centralized and is trying to court the attention of banks and credit companies.

Syscoin vs SAFEX

These platforms both offer a place for people to buy and sell items and currencies, in a challenge to Ebay and Amazon and other such companies. Both have their own coins, but they're fundamentally different. Syscoin's coin is mineable and is used for transactions, while SAFEX coin entitles holders to a percentage of all network revenue for the year. Syscoin is further along, with some features already functional, while SAFEX is still in alpha at the time of this article. That means you'll have to wait if you want to learn which one of these platforms works better, and we likely won't know til later in 2019.

Frequently Asked Questions

Is Syscoin a marketplace?Yes, for both items and digital assets.

Where can I buy Syscoin?
Bittrex and Poloniex.

Is there a Syscoin wallet?
Yes, you can get it from their site.

Where do I read Syscoin news?
On Twitter, Reddit, and crypto blogs.

Is Syscoin on Reddit?
Yes, there's a small community there.

What's the value of Syscoin?
Around $0.65, last we checked.

What happened for Syscoin in 2019?
They got some of their features off the ground and partnered with the Microsoft Azure network.

What's the price of Syscoin?
Again, around $0.65.

What's the price prediction for Syscoin?
The price will likely go up once they released their web-accessible marketplace.

What is Syscoin?
It's a decentralized e-commerce platform that allows people to buy and sell virtually anything with low to no fees involved.

Should I buy Syscoin?You'll have to make that decision for yourself.

What's the connection between Syscoin and Microsoft?
They partnered with their Azure cloud-computing network service last year.

What is the Syscoin Blockmarket?That's the name for the marketplace they offer.

What's the difference between Syscoin and Ebay?One's decentralized and has low fees, the other is the opposite.

What will the future price of Syscoin be?If we knew that, we'd be psychics.

Conclusion

Much of the tech world is recognizing the benefits of decentralization and blockchain solutions, but not all of them understand how to implement them. Many people still can't associate it with anything other than cryptocurrency trading. Syscoin is offering a service that can have real, tangible benefits for ordinary people, bringing blockchain technology out of the realm of niche technology enthusiasts and into the everyday world. They may have their competition, but as they roll out their new services it'll be exciting to see where they end up.

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